The market is segmented by type into, PLA, Starch Blends, Biodegradable Polyesters, PHA and others. Among these segments, PLA is anticipated to have the largest share by the end of 2021 in the biodegradable food packaging films market. It is also gaining worldwide recognition for its usage as an adjuvant therapy with radiotherapy and surgery.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the biodegradable food packaging films market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in Asia Pacific holds the largest share. This can be attributed to the presence of leading food packaging manufacturers in the region, especially in the China and India, who are extensively involved in the research and development for fast growth of food packaging and beverage packaging industries.
Research Nester released a report titled “Biodegradable Food Packaging Films Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers a detailed overview of the global biodegradable food packaging films market in terms of market segmentation by type, application, and region.
Further, for the in-depth analysis, the report includes the industry growth indicators, restraints, supply and demand risk, and a detailed discussion on current and future market trends associated with the market’s growth.
The biodegradable food packaging films market is projected to grow with a moderate CAGR during the forecast period, i.e., 2021-2029 on account of the advancement in food packaging and the rising environmental concerns. As per the European Bioplastics, Global production capacities of bioplastics in the year 2019 and 2020 were 1.95 million tons and 2.11 million tons respectively.
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Increasing growth of food packaging and beverage packaging industries to Drive Market Growth
The rapid increase in non-biodegradable food packaging waste has caused adverse environmental concerns. This has led to the development of polymers made from renewable resources for food packaging. Natural polymers derived from agricultural products (such as starch, proteins, cellulose, and plant oils) are the primary resource for developing renewable and biodegradable polymer materials.
Polylactic acid (PLA) and polyhydroxy butyrate acid (PHB) are two of the biopolymers targeted for use in the food industry as packaging material. Vendors are introducing biodegradable and sustainable forms of packaging to cater to the growing demand for eco-friendly packaging products. The Coca-Cola Company launched its Plant Bottle, which is partially made from bio-based plastics, while Danone is using PLA for its yogurt cups.
This report also provides the existing competitive scenario of some of the key players of the global biodegradable food packaging films market which includes company profiling of BASF SE (ETR: BAS), Clearwater Paper Corporation (NYSE: CLW), Georgia-Pacific LLC, Mondi Group (LON: MNDI), Novamont S.P.A, Rocktenn, International Paper (NYSE: IP), Natureworks, Biopac. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global biodegradable food packaging films market that will help industry consultants, manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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